In Dealing Rooms everywhere stock watching is once again back in vogue as results from Bank of NY Mellon and State Street disappoint. S&P futures have turned negative and are now down 5 points while Bank of NY Mellon shares fall by 7 % in pre-market trading.
Eur/Usd has some light bids at 1.2930 and more again around 1.2900. To the upside offers are clustered at 1.2965 with some talk of stops just above. A tight range tells me that quite a few players have retreated to the sidelines to wait for the next move. Once again the Macro data calendar is light so we’ll all be watching the S&P futures again.